CIT Provides Financing to GCT Global Container Terminals Inc.
February 17 2015 - 8:30AM
Business Wire
- Financing Provided by CIT Bank Supports
Acquisition of Two New Liebherr P203L (WS) Ship-to-Shore Container
Handling Gantry Cranes
- Completes the Build-Out of the Most
Advanced Container Terminal in North America in the Port of New
York and New Jersey
CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Capital Equipment Finance provided a $23.5 million credit facility
to GCT Global Container Terminals Inc. (GCT) to purchase two new
Liebherr P203L (WS) post-Panamax ship-to-shore gantry cranes that
will be used at its semi-automated container terminal in Bayonne,
New Jersey. Financing was provided by CIT Bank, the U.S. commercial
bank subsidiary of CIT.
Located in the largest port on the North American East Coast,
GCT provides container handling services for its customers in one
of the most concentrated consumer markets in the world. The company
operates two key container terminal facilities in the Port of New
York and New Jersey: GCT Bayonne in Bayonne, New Jersey and GCT New
York in Staten Island, New York.
This represents the second transaction between CIT and GCT. In
2014, CIT provided financing that supported the acquisition of 17
new Terex shuttle trucks now in operation at the newly expanded GCT
Bayonne facility.
Chris Davies, Chief Financial Officer, GCT Global Container
Terminals Inc., said, “This financing supports the build-out of our
award-winning state-of-the-art terminal, GCT Bayonne. The expansion
not only increased our terminal footprint from 100 to 167 acres,
but our innovative redesign enabled us to increase safety, improve
reliability and decrease processing times, ensuring we have the
highest productivity within the harbor. Our history with CIT made
them the perfect choice for this financing, and we look forward to
our continued partnership in the future.”
Burt Feinberg, President of CIT Corporate
Finance, Commercial & Industrial, said, “We’re pleased to
be able to support GCT’s acquisition of these gantry cranes, a key
component to efficient terminal operations. Our expertise in the
large-ticket equipment financing market and understanding of
shipping and the related terminal industry dynamics allowed us to
develop a flexible structure to secure this mission-critical
equipment to support GCT’s continued growth and modernization in
connection with their presence in this strategically significant
U.S. East Coast port.”
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About GCT Global Container Terminals Inc.
Headquartered in Vancouver, British Columbia, GCT Global
Container Terminals Inc. operates four container terminals through
three principal businesses in North America: GCT Canada Limited
Partnership in Vancouver and Delta in British Columbia; GCT New
York LP on Staten Island, New York; and GCT Bayonne LP in Bayonne,
New Jersey. globalterminals.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is
the U.S. commercial bank subsidiary of CIT Group
Inc. (NYSE:CIT). It provides lending and leasing to the small
business, middle market and transportation sectors. CIT Bank
(BankOnCIT.com) offers a variety of savings options designed to
help customers achieve their financial goals. As of December 31,
2014, it had approximately $16 billion of deposits and more than
$21 billion of assets. cit.com/CITBank
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $35 billion in financing and leasing assets. It
provides financing, leasing and advisory services to its clients
and their customers across more than 30 industries. CIT maintains
leadership positions in middle market lending, factoring, retail
and equipment finance, as well as aerospace, equipment and rail
leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC),
BankOnCIT.com, offers a variety of savings options designed to help
customers achieve their financial goals. cit.com
CIT MEDIA RELATIONS:C. Curtis Ritter, (973) 740-5390Senior Vice
President of Corporate CommunicationsCurt.Ritter@cit.comorMatt
Klein, (973) 597-2020Vice President, Media
RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
Callahan, (973) 740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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